Why These Altcoins Are Trending Today — 20/02

This article is machine translated
Show original

After a few days of sharp decline, the cryptocurrency market is showing signs of recovery, with the total market capitalization increasing by $58 billion in the past 24 hours.

Amid this recovery, several altcoins are attracting significant attention due to ecosystem updates and notable price fluctuations. Here is a detailed look at the tokens that are currently standing out.

MANTRA (OM)

OM, the native coin of the Mantra Layer-1 (L1) Real-World Asset (RWA) blockchain, is one of the altcoins that is standing out today. It has attracted the attention of investors due to Mantra's newly launched RWAccelerator, a startup acceleration program supported by Google Cloud aimed at driving the tokenization of real-world assets (RWA).

This program, announced at Consensus Hong Kong, will provide funding, mentorship, AI-based resources, and technical support to startups in the real estate and finance sectors.

However, its price performance has not seen a significant change yet. The coin is currently trading at $7.37, recording a 3.2% decline over the past day. During this period, its trading volume reached $219 million, a 43% decrease.

The price and trading volume decline of an asset indicates that market interest is waning, and liquidity is decreasing. Therefore, OM is at risk of dropping to $5.41 if this trend continues.

OM Price Analysis.OM Price Analysis. Source: TradingView

Conversely, if demand for this altcoin surges, it could trigger a price increase to an ATH of $8.12.

Pain (PAIN)

The newly launched Solana-meme coin PAIN is another altcoin that is standing out today. PAIN had an impressive debut, reaching a market capitalization of $168 million within 17 hours of launch, with a trading volume of $93 million.

At the time of writing, this meme coin is trading at $16.99, down 10% in the past 24 hours. The Relative Strength Index (RSI) decline on the hourly chart confirms that the demand for PAIN is decreasing. It is in a downtrend at 56.87.

An RSI of 56 indicates moderate bullish momentum, but this decline suggests that buying pressure is weakening. If the downtrend continues, it could signal a shift to a neutral or bearish zone.

If this decline persists, the price of PAIN could drop to $5.74.

PAIN Price Analysis.PAIN Price Analysis. Source: Gecko Terminal

Conversely, if demand increases, its price could reach $57.13.

Shadow (SHADOW)

SHADOW is another standout altcoin today, as its value has increased by more than 50% in the past 24 hours. Currently, it is trading at $168.27, with stable demand from market participants.

This is reflected in its positive Balance of Power (BoP) indicator, currently at 0.77 at the time of writing. This indicator measures the strength of buyers relative to sellers in the market. A positive BoP indicates that buyers have greater control, signaling bullish momentum.

If buying pressure remains strong, SHADOW could regain its ATH of $199.68.

SHADOW Price Analysis.SHADOW Price Analysis. Source: Gecko Terminal

Conversely, if there is an increase in selling pressure, the price could drop to $154.13.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments
Followin logo